Gain an improved understanding of the technical requirements under ASC 740 and better advise your clients, presented by Lindsay Haskell and Dan DeLau of TaxOps at Lorman CPE.
Monday, June 8, 2023 | 11:00 am – 12:40 pm MT
ASC 740 calculations and reporting of income tax provisions require painstaking attention to detail and expertise that is often beyond the in-house capabilities of responsible parties at many public corporations and businesses looking to go public. ASC 740 standards define the threshold for recognizing deferred tax assets (future benefit) or deferred tax liabilities (future detriment). Because of the focus on assets and liabilities, ASC 740 largely pertains to the balance sheet and the changes in taxes payable and receivable over multiple periods. What is left over from period to period on the balance sheet is expensed.
This course will provide an overview of the basic principles of ASC 740 around key principles of the accounting standard and provide illustrations for the various components that feed accurate calculation and reporting. An exploration of the impact ASC 740 has on financial statements and disclosures, as well as a demonstration of several advanced situations regarding compensation, business combinations, and transfer pricing, will round out this course.
- You will be able to explain ASC 740 principles.
- You will be able to identify permanent and temporary differences.
- You will be able to describe the various components that go into an ASC 740 calculation.
- You will be able to discuss the impact of uncertain tax positions and valuation allowance considerations.
What Is ASC 740?
Lindsay Haskell, Director of Corporate Tax